NYSE : YMM
Full Truck Alliance Co. Ltd. — Financial statements
Technology · Software - Application · China
Last price 8.215 USD (Oct 30, 2026, 9:49 AM EDT) · Market cap 8.52B
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Financial statements
Full Truck Alliance Co. Ltd. (YMM) reported revenue of 12.78B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.78B | 12.49B | 11.24B | 8.44B | 6.73B | 4.66B |
| Cost of Revenue | 1.63B | 1.80B | 1.50B | 1.23B | 1.17B | 686.72M |
| Gross Profit | 11.15B | 10.69B | 9.73B | 7.20B | 5.56B | 3.97B |
| Selling, General & Admin | 2.61B | 2.46B | 2.51B | 2.10B | 2.32B | 5.11B |
| Research & Development | 1.01B | 874.43M | 880.02M | 946.63M | 914.15M | 729.67M |
| Other Operating Expenses | 3.24B | 3.21B | 3.87B | 3.08B | 2.49B | 1.93B |
| Operating Expenses | 6.86B | 6.54B | 7.26B | 6.13B | 5.73B | 7.77B |
| Operating Income | 4.30B | 4.15B | 2.47B | 1.07B | -162.49M | -3.80B |
| Interest Expense | -175.00K | -40.00K | ||||
| Interest & Investment Income | 964.97M | 1.05B | 1.13B | 1.20B | 489.07M | 262.97M |
| Earnings From Equity Investments | -53.91M | -14.81M | -2.86M | -2.07M | -1.25M | -11.32M |
| Currency Exchange Gain (Loss) | -18.40M | -17.34M | 8.00M | -2.15M | 15.05M | -15.47M |
| Other Non Operating Income (Expenses) | 90.06M | 109.78M | 128.19M | 131.07M | 230.63M | 7.35M |
| EBT Excluding Unusual Items | 5.28B | 5.27B | 3.74B | 2.39B | 570.84M | -3.55B |
| Gain (Loss) on Sale of Investments | 70.49M | 116.16M | -373.65M | 12.94M | -63.39M | -87.60M |
| Gain (Loss) on Sale of Assets | -552.00K | -552.00K | -36.00K | -803.00K | 483.00K | -283.00K |
| Legal Settlements | -71.90M | |||||
| Pretax Income | 5.35B | 5.39B | 3.36B | 2.33B | 507.94M | -3.64B |
| Income Tax Expense | 1.09B | 929.16M | 239.41M | 106.80M | 96.03M | 14.19M |
| Earnings From Continuing Operations | 4.25B | 4.46B | 3.12B | 2.23B | 411.90M | -3.65B |
| Net Income to Company | 4.25B | 4.46B | 3.12B | 2.23B | 411.90M | -3.65B |
| Minority Interest in Earnings | -38.42M | -50.91M | -53.59M | -14.21M | -5.14M | 80.00K |
| Net Income | 4.22B | 4.41B | 3.07B | 2.21B | 406.76M | -3.65B |
| Preferred Dividends & Other Adjustments | 518.43M | |||||
| Net Income to Common | 4.22B | 4.41B | 3.07B | 2.21B | 406.76M | -4.17B |
| Shares Outstanding (Basic) | 1.04B | 1.04B | 1.04B | 1.06B | 1.08B | 672.30M |
| Shares Outstanding (Diluted) | 1.04B | 1.05B | 1.05B | 1.06B | 1.08B | 672.30M |
| EPS (Basic) | 4.05 | 4.23 | 2.95 | 2.10 | 0.38 | -6.21 |
| EPS (Diluted) | 4.01 | 4.21 | 2.94 | 2.09 | 0.38 | -6.21 |
| Free Cash Flow | 6.57B | 4.50B | 2.90B | 2.17B | -101.21M | -254.64M |
| Free Cash Flow Per Share | 6.29 | 4.30 | 2.77 | 2.05 | -0.09 | -0.38 |
| Dividend Per Share | 1.81 | 0.67 | 0.70 | 1.02 | ||
| Gross Margin | 87.27% | 85.58% | 86.62% | 85.39% | 82.63% | 85.25% |
| Operating Margin | 33.62% | 33.20% | 22.02% | 12.68% | -2.41% | -81.51% |
| Profit Margin | 32.99% | 35.29% | 27.32% | 26.23% | 6.04% | -89.60% |
| Free Cash Flow Margin | 51.41% | 36.01% | 25.76% | 25.71% | -1.50% | -5.47% |
| EBITDA | 4.41B | 4.25B | 2.55B | 1.14B | -74.14M | -3.73B |
| EBITDA Margin | 34.48% | 34.00% | 22.71% | 13.56% | -1.10% | -80.06% |
| D&A For EBITDA | 111.06M | 100.01M | 77.93M | 74.74M | 88.34M | 67.42M |
| EBIT | 4.30B | 4.15B | 2.47B | 1.07B | -162.49M | -3.80B |
| EBIT Margin | 33.62% | 33.20% | 22.02% | 12.68% | -2.41% | -81.51% |
| Effective Tax Rate | 20.46% | 17.24% | 7.12% | 4.58% | 18.91% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.80B | 6.07B | 5.81B | 6.77B | 5.14B | 4.28B |
| Short-Term Investments | 16.75B | 11.05B | 15.00B | 11.52B | 21.09B | 21.63B |
| Cash & Short-Term Investments | 23.55B | 17.11B | 20.81B | 18.29B | 26.22B | 25.92B |
| Accounts Receivable | 89.00M | 75.13M | 19.64M | 23.42M | 13.02M | 36.21M |
| Other Receivables | 739.23M | 1.90B | 1.69B | 1.92B | 868.17M | |
| Receivables | 3.72B | 5.67B | 6.12B | 5.23B | 4.58B | 2.68B |
| Restricted Cash | 89.62M | 70.29M | 100.53M | 115.51M | 83.76M | 65.82M |
| Other Current Assets | 1.19B | 201.32M | 221.22M | 359.84M | 117.48M | 231.44M |
| Total Current Assets | 28.55B | 23.05B | 27.26B | 24.00B | 31.00B | 28.90B |
| Property, Plant & Equipment | 655.71M | 549.71M | 405.26M | 329.44M | 240.82M | 102.16M |
| Long-Term Investments | 10.74B | 15.31B | 9.88B | 11.08B | 1.77B | 1.68B |
| Goodwill | 4.03B | 4.03B | 3.12B | 3.12B | 3.12B | 3.12B |
| Other Intangible Assets | 708.32M | 757.41M | 393.48M | 449.90M | 502.42M | 557.02M |
| Long-Term Deferred Tax Assets | 306.94M | 249.55M | 92.88M | 149.08M | 41.49M | 20.49M |
| Other Long-Term Assets | 604.65M | 376.51M | 138.53M | 221.67M | 8.43M | 17.35M |
| Total Assets | 45.59B | 44.32B | 41.29B | 39.35B | 36.70B | 34.40B |
| Accounts Payable | 44.38M | 37.75M | 31.23M | 25.22M | 27.95M | 29.38M |
| Accrued Expenses | 1.80B | 1.05B | 1.34B | 1.32B | 1.17B | 1.22B |
| Short-Term Debt | 9.00M | |||||
| Current Portion of Leases | 18.84M | 33.85M | 41.20M | 37.76M | 44.59M | |
| Current Income Taxes Payable | 489.25M | 421.71M | 336.22M | 154.92M | 52.23M | 31.54M |
| Current Unearned Revenue | 643.00M | 637.49M | 571.18M | 548.92M | 462.08M | 383.24M |
| Other Current Liabilities | 591.71M | 670.76M | 702.52M | 1.18B | 976.86M | 1.06B |
| Total Current Liabilities | 3.59B | 2.85B | 3.02B | 3.27B | 2.73B | 2.73B |
| Long-Term Leases | 6.02M | 1.49M | 23.93M | 46.71M | 35.93M | |
| Long-Term Deferred Tax Liabilities | 184.69M | 197.91M | 107.98M | 131.54M | 121.61M | 135.76M |
| Total Liabilities | 3.78B | 3.05B | 3.15B | 3.45B | 2.89B | 2.87B |
| Common Stock | 1.34M | 1.34M | 1.34M | 1.37M | 1.38M | 1.42M |
| Additional Paid-In Capital | 43.10B | 44.33B | 45.82B | 47.71B | 47.76B | 49.25B |
| Retained Earnings | -4.79B | -7.02B | -11.37B | -14.40B | -16.61B | -17.02B |
| Treasury Stock | -608.12M | |||||
| Comprehensive Income & Other | 2.11B | 2.72B | 3.22B | 2.90B | 2.51B | -771.49M |
| Total Common Equity | 40.42B | 40.03B | 37.68B | 35.60B | 33.66B | 31.46B |
| Minority Interest | 1.40B | 1.24B | 458.45M | 290.22M | 149.77M | 73.44M |
| Shareholders' Equity | 41.81B | 41.27B | 38.14B | 35.89B | 33.81B | 31.53B |
| Total Liabilities & Equity | 45.59B | 44.32B | 41.29B | 39.35B | 36.70B | 34.40B |
| Total Debt | 24.86M | 35.33M | 65.13M | 84.47M | 80.52M | 9.00M |
| Net Cash (Debt) | 23.53B | 17.08B | 20.75B | 18.20B | 26.14B | 25.91B |
| Net Cash Per Share | 22.54 | 16.32 | 19.85 | 17.20 | 24.23 | 38.54 |
| Filing Date Shares Outstanding | 1.04B | 1.04B | 1.05B | 1.05B | 1.07B | 1.11B |
| Total Common Shares Outstanding | 1.04B | 1.04B | 1.04B | 1.04B | 1.06B | 1.09B |
| Working Capital | 24.97B | 20.20B | 24.24B | 20.72B | 28.27B | 26.16B |
| Book Value Per Share | 38.95 | 38.52 | 36.28 | 34.07 | 31.70 | 28.82 |
| Tangible Book Value | 35.69B | 35.25B | 34.16B | 32.03B | 30.03B | 27.77B |
| Tangible Book Value Per Share | 34.39 | 33.91 | 32.89 | 30.65 | 28.28 | 25.45 |
| Buildings | 63.00M | 63.00M | 63.00M | 63.00M | ||
| Machinery | 146.62M | 66.78M | 70.94M | 79.02M | 70.87M | |
| Construction In Progress | 347.89M | 194.69M | 89.04M | 5.42M | 63.00M | |
| Leasehold Improvements | 89.34M | 76.78M | 74.70M | 68.35M | 52.27M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.22B | 4.41B | 3.07B | 2.21B | 406.76M | -3.65B |
| Depreciation & Amortization | 100.01M | 100.01M | 77.93M | 74.74M | 88.34M | 67.42M |
| Loss (Gain) From Sale of Assets | 552.00K | 552.00K | 36.00K | 803.00K | -483.00K | 283.00K |
| Loss (Gain) From Sale of Investments | -120.83M | -120.83M | 375.88M | -16.79M | 64.27M | 87.72M |
| Loss (Gain) on Equity Investments | 14.81M | 14.81M | 2.86M | 2.07M | 1.25M | 11.32M |
| Stock-Based Compensation | 281.56M | 281.56M | 496.64M | 441.83M | 919.25M | 3.63B |
| Provision & Write-off of Bad Debts | -2.34M | -2.34M | -507.00K | -767.00K | 4.61M | 1.59M |
| Other Operating Activities | 2.36B | 89.63M | 72.56M | 29.14M | 6.37M | 167.88M |
| Change in Accounts Receivable | -52.99M | -52.99M | 3.81M | -10.04M | 14.07M | 18.80M |
| Change in Accounts Payable | 2.80M | 2.80M | 6.01M | -2.73M | -1.43M | 5.31M |
| Change in Income Taxes | 85.49M | 85.49M | 181.30M | 102.68M | 20.70M | 5.61M |
| Change in Other Net Operating Assets | -450.67M | -450.67M | -1.66B | -678.16M | -1.70B | -636.43M |
| Operating Cash Flow | 6.70B | 4.63B | 2.97B | 2.27B | -15.52M | -211.42M |
| Capital Expenditures | -129.71M | -129.71M | -74.97M | -100.34M | -85.69M | -43.22M |
| Sale of Property, Plant & Equipment | 104.00K | 104.00K | 675.00K | 1.40M | 735.00K | 7.16M |
| Cash Acquisitions | 22.64M | 22.64M | -76.59M | -242.01M | ||
| Divestitures | -401.00K | |||||
| Investment in Securities | -2.49B | -2.49B | -2.20B | 652.68M | 2.30B | -14.15B |
| Other Investing Activities | -16.32M | -117.08M | -142.07M | -4.06M | 25.88M | |
| Investing Cash Flow | -2.62B | -2.72B | -2.42B | 553.74M | 2.13B | -14.40B |
| Short-Term Debt Repaid | -9.00M | |||||
| Total Debt Repaid | -9.00M | |||||
| Net Debt Issued (Repaid) | -9.00M | |||||
| Issuance of Common Stock | 2.00K | 2.00K | 1.00K | 1.00K | 8.00K | 11.09B |
| Repurchase of Common Stock | -406.94M | -406.94M | -575.27M | -1.37B | -1.39B | -2.59B |
| Common Dividends Paid | -1.43B | -1.43B | -1.06B | |||
| Other Financing Activities | 422.90M | 176.12M | 119.68M | 207.82M | 71.19M | 10.31M |
| Financing Cash Flow | -1.41B | -1.66B | -1.52B | -1.17B | -1.33B | 8.90B |
| Foreign Exchange Rate Adjustments | -95.94M | -38.02M | 23.73M | 18.95M | 71.93M | -87.68M |
| Net Cash Flow | 2.58B | 215.55M | -945.53M | 1.68B | 857.46M | -5.80B |
| Free Cash Flow | 6.57B | 4.50B | 2.90B | 2.17B | -101.21M | -254.64M |
| Free Cash Flow Margin | 51.41% | 36.01% | 25.76% | 25.71% | -1.50% | -5.47% |
| Free Cash Flow Per Share | 6.29 | 4.30 | 2.77 | 2.05 | -0.09 | -0.38 |
| Levered Free Cash Flow | 6.01B | 3.19B | 1.06B | 704.16M | -1.02B | 1.16B |
| Unlevered Free Cash Flow | 6.01B | 3.19B | 1.06B | 704.16M | -1.02B | 1.16B |
| Cash Interest Paid | 175.00K | 65.00K | ||||
| Cash Income Tax Paid | 1.02B | 1.02B | 108.72M | 124.73M | 110.49M | 49.61M |
| Change in Working Capital | -590.04M | -590.04M | -1.42B | -708.87M | -1.70B | -619.46M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.08B | 11.22B | 11.32B | 7.50B | 8.87B | 9.09B |
| Enterprise Value | 5.61B | 9.22B | 8.47B | 4.83B | 5.15B | 4.95B |
| Last Close Price | 8.37 | 10.44 | 10.39 | 6.62 | 7.55 | 7.90 |
| PE Ratio | 14.82 | 17.81 | 26.90 | 24.04 | 150.35 | |
| Forward PE | 10.29 | 18.62 | 17.66 | 22.05 | 55.32 | |
| PS Ratio | 4.86 | 6.29 | 7.35 | 6.31 | 9.08 | 12.40 |
| PB Ratio | 1.46 | 1.90 | 2.17 | 1.48 | 1.81 | 1.83 |
| P/TBV Ratio | 1.74 | 2.23 | 2.42 | 1.66 | 2.04 | 2.08 |
| P/FCF Ratio | 9.26 | 17.45 | 28.53 | 24.53 | ||
| P/OCF Ratio | 9.08 | 16.96 | 27.81 | 23.44 | ||
| PEG Ratio | 0.65 | 0.46 | 0.46 | 0.73 | 1.08 | 25.47 |
| EV/Sales Ratio | 3.02 | 5.16 | 5.50 | 4.06 | 5.27 | 6.75 |
| EV/EBITDA Ratio | 8.75 | 15.19 | 24.23 | 29.94 | ||
| EV/EBIT Ratio | 8.98 | 15.56 | 24.99 | 32.04 | ||
| EV/FCF Ratio | 5.75 | 14.34 | 21.36 | 15.79 | ||
| Debt / Equity Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA Ratio | 0.01 | 0.01 | 0.03 | 0.07 | ||
| Debt / FCF Ratio | 0.00 | 0.01 | 0.02 | 0.04 | ||
| Net Debt / Equity Ratio | -0.56 | -0.41 | -0.54 | -0.51 | -0.77 | -0.82 |
| Net Debt / EBITDA Ratio | -5.34 | -4.02 | -8.13 | -15.91 | 352.62 | 6.95 |
| Net Debt / FCF Ratio | -3.58 | -3.80 | -7.17 | -8.39 | 258.32 | 101.75 |
| Asset Turnover | 0.29 | 0.29 | 0.28 | 0.22 | 0.19 | 0.16 |
| Quick Ratio | 6.59 | 6.29 | 7.53 | 6.11 | 10.31 | 9.81 |
| Current Ratio | 7.96 | 8.09 | 9.03 | 7.33 | 11.35 | 10.57 |
| Return on Equity (ROE) | 10.42% | 11.23% | 8.44% | 6.39% | 1.26% | -13.39% |
| Return on Assets (ROA) | 6.09% | 6.05% | 3.84% | 1.76% | -0.29% | -7.97% |
| Return on Invested Capital (ROIC) | 16.66% | 16.50% | 13.11% | 8.05% | -1.98% | -76.84% |
| Return on Capital Employed (ROCE) | 10.20% | 10.00% | 6.50% | 3.00% | -0.50% | -12.00% |
| Earnings Yield | 6.75% | 5.62% | 3.72% | 4.16% | 0.66% | -6.33% |
| FCF Yield | 10.80% | 5.73% | 3.50% | 4.08% | -0.17% | -0.44% |
| Dividend Yield | 3.84% | 0.89% | 0.88% | 2.00% | ||
| Payout Ratio | 42.68% | 32.33% | 34.66% | |||
| Buyback Yield / Dilution | 0.20% | -0.12% | 1.23% | 1.93% | -60.49% | -292.73% |
| Total Shareholder Return | 4.03% | 0.77% | 2.11% | 3.94% | -60.49% | -292.73% |